Breaking news from Delhi: Police have busted a brazen vehicle loan fraud gang, arresting three members and confiscating five swanky cars. The sting operation exposes how fraudsters exploited the rush for affordable auto loans in a recovering economy.
The criminals posed as loan agents, approaching customers at showrooms and online portals. They demanded upfront fees for ‘guaranteed approvals,’ then used stolen identities to obtain actual loans in victims’ names. The vehicles were sold in the black market, leaving owners with massive debts and no recourse.
After anonymous complaints flooded helplines, the Economic Offences Wing launched a full-scale investigation. Surveillance footage and bank transaction logs pinpointed the gang’s base in North Delhi. In a dramatic swoop, officers nabbed the suspects mid-transaction, recovering vehicles valued at ₹1.8 crore alongside fraud kits.
The scam’s footprint extends to Uttar Pradesh and Haryana, with potential embezzlement over ₹45 crore. ‘Interstate teams are coordinating to apprehend fugitives,’ confirmed a police spokesperson. Digital forensics have unlocked encrypted apps used for coordinating defaults.
In the wake of this crackdown, experts call for mandatory video KYC and blockchain tracking in loans. This victory boosts public confidence, especially as festive season auto sales gear up. The trio remanded in custody, promising deeper revelations into organized financial crime.